694Liability for, and rate of, royalty for greenhouse gas injection and storage

694 Liability for, and rate of, royalty for greenhouse gas injection and storage

(1) The holder of a greenhouse gas injection licence must pay to the Minister a royalty in respect of the volume of a greenhouse gas substance injected into an identified greenhouse gas storage formation situated in the licence area.

(2) Royalty is to be paid at the rate, and in accordance with the conditions, specified in the greenhouse gas injection licence under which the greenhouse gas substance injection operation took place.

(3) The Minister in consultation with the Treasurer may waive the requirement for the holder of a greenhouse gas injection licence to pay a royalty under this section.

(4) In this section, greenhouse gas substance injection operation means to inject and permanently store a greenhouse gas substance into an identified greenhouse gas storage formation.